Repayment or Maximum Number of EMI
| Loan amount | Interest Rate | EMI for 7 Years |
|---|---|---|
| 5 Lakh | 9.00% | ₹ 8044.54 |
| 6 Lakh | 9.00% | ₹ 9653.45 |
| 7 Lakh | 9.00% | ₹ 11262.35 |
| 8 Lakh | 9.00% | ₹ 12871.26 |
Additionally, can I get car loan with 30k salary?
If you have a monthly income of Rs 30,000 and aspire to buy a car, you can get a list of models including Tata Tiago, Tata Indica eV2, Maruti Suzuki Celerio, Hyundai i10 to choose from. (In Rs.) (In Rs.) (In Rs.)
- Opt for a Higher Down Payment. …
- Choose a Loan With a Longer Repayment Tenure. …
- Go for a Step-Down EMI Plan. …
- Consider Taking Loans With Your Existing Bank. …
- Negotiate With Bank For Lower Rate. …
- Compare Before You Switch Your Lender. …
- Full or Part Prepayment Helps Reduce Loan Burden.
Considering this, how is car EMI calculated?
The Equated Monthly Instalment (or EMI) consists of the principal portion of the loan amount and the interest. Therefore, EMI = principal amount + interest paid on the Car Loan. The EMI, usually, remains fixed for the entire tenure of your loan, and it is to be repaid over the tenure of the loan on a monthly basis.
How is EMI calculated on cars?
So, if you take a car loan of Rs 10 lakh at an interest rate of 12%, the approximate EMI will be: P = Rs 10,00,000, R = 12/100/12 (You must convert into months), N = 2 years or 24 months. EMI = [10,00,000 x 12/100/12 x (1+12/100/12)^24] / [(1+12/100/12)^24-1] EMI = Rs 47,073.
How much car loan can I get on 20000 salary?
With the salary of Rs. 20,000 per month, you may become eligible for a maximum loan amount of Rs. 3 Lakhs. In case you do not qualify for a new car loan, you can also check your eligibility for a pre-owned car loan.
How much car loan can I get on 25000 salary?
Most lenders determine the maximum loan amount up to 10 times of your monthly salary. If you earn Rs. 25,000 per month, you may become eligible for up to Rs. 2.5 Lakhs.
How much car loan can I get on 40000 salary?
It is advised to customers that they restrict their car loans to not more than 20 percent of their monthly income. For example, if you make Rs. 40,000 per month, your monthly car loan EMI should not exceed Rs. 8,000.
What is the EMI for 10 lakh car?
What is a car loan EMI calculator?
| Loan amount | Loan tenure | EMI |
|---|---|---|
| Rs.5 lakh | 5 years | Rs.10,477 |
| Rs.10 lakh | 1 year | Rs.87,637 |
| Rs.10 lakh | 5 years | Rs.20,953 |
| Rs.15 lakh | 1 year | Rs.1,31,456 |
What is the EMI for 3 lakh car loan?
Car Loan EMI Calculator SBI at different tenure
| Loan Amount | 2 Years | 3 Years |
|---|---|---|
| 1 Lakh | ₹ 4,489 | ₹ 3,099 |
| 3 Lakh | ₹ 13,466 | ₹ 9,297 |
| 5 Lakh | ₹ 22,443 | ₹ 15,496 |
| 10 Lakh | ₹ 44,886 | ₹ 30,992 |
What is the EMI per lakh for car loan?
Lowest Car Loan EMI, Car EMI per lakh Nov 2021
| Bank | Car Loan EMI per lakh, New Car | Car Loan EMI per lakh, Used Car |
|---|---|---|
| Federal Bank | ₹ 1,584 for 7 years | ₹ 837 for 5 years |
| Bank of India | ₹ 1,502 for 7 years | ₹ 1,347 for 3 years |
| Bank of Maharashtra | ₹ 1,524 for 7 years | ₹ 1,065 for 5 years |
| Corporation Bank | ₹ 1,529 for 7 years |
What is the interest rate of SBI car loan?
Auto Loans Interest Rates (Fixed Rate)
| Scheme | Interest Rate (1 year MCLR: 7.00%) |
|---|---|
| Certified Pre-owned Car Loan Scheme | From 9.25% to 12.75% |
| Super Bike Loan Scheme | 3.25% above 1 year MCLR i.e. 10.25% p.a |
| SBI Two-Wheeler Loan | 16.25% p.a. to 18.00% p.a. |
Which bank gives car loan for 10 years?
With IDFC FIRST Bank, you have the flexibility to choose a tenure that suits your car finance budget. We offer tenure of up to 10 years, subject to certain conditions.
Which bank is best for used car loan?
Most banks and NBFCs provide used car loans.
| Lender | Interest Rate | Repayment Tenure |
|---|---|---|
| HDFC Bank | 13.75% – 16.00% (Rack Interest) | 7 years |
| Punjab National Bank | Starts from 7.90% | 5 years |
| Axis Bank | 14.40% – 16.40% | 5 years |
| Mahindra Finance | Contact the bank | 5 years |
Which car is best for middle class family?
Best Family Cars between 5 lakh and 10 lakh
- Maruti Suzuki Swift. Equipped with a 1.2-litre Dualjet petrol engine, the BS-VI model of this popular family vehicle is only present in one variant. …
- Hyundai Elite i20. …
- Maruti Suzuki Baleno. …
- Maruti Suzuki Ertiga. …
- Mahindra Bolero.